DALLAS, March 31, 2014 /PRNewswire/ -- PCMS, a provider of comprehensive, cloud-based IT solutions for P&C insurers, today announced that Palomar Specialty Insurance Company (Palomar Specialty), an innovative provider of commercial and residential earthquake insurance, has selected the Atlas hosted platform. Atlas will process and host all rating, underwriting, policy administration, billing, claims management and reporting and business intelligence needs for Palomar Specialty's home office, retail producers and brokers.
As Palomar Specialty establishes its business in earthquake-exposed states, Atlas will provide a comprehensive platform and foundation for growth. PCMS' Atlas cloud-based solution will allow Palomar Specialty to focus on serving consumers with limited options to purchase earthquake insurance, unencumbered by traditional IT roadblocks.
"After an extensive search, we selected PCMS because of their modern, all-in-one comprehensive system, upfront and inclusive pricing model and proven track record of successful and quick implementations," said Mac Armstrong, founder and chief executive officer, Palomar Specially. "Atlas' agile and flexible platform will allow us to be responsive to market needs, especially those of our distribution partners, while providing a platform for growth as we expand."
PCMS' Atlas system will enable Palomar Specialty to:
- Provide real-time, self-service capabilities to its agents;
- Access qualitative underwriting, risk, data analytics, and management reporting in real-time;
- Quickly roll-out new products, enter new markets and accommodate unique product sets;
- Reduce operational and IT costs with a minimal footprint, while utilizing the latest cloud-based, scalable technology.
"Throughout the evaluation process, we were continually impressed with Palomar's executive team, and their innovative business approach and experience," said Jack Dennison, chief executive officer, PCMS. "We are extremely excited to partner with their team of seasoned insurance professionals."
PCMS is a provider of information technology/software to the Property and Casualty insurance industry. PCMS' Atlas system is a comprehensive administrative software solution including underwriting and policy administration, claims management, and billing. PCMS' product suite enables carriers of any size to benefit from sophisticated, modern, real-time solutions. PCMS is changing the standard for Property and Casualty administrative software systems through up-front pricing models, hands-on customer service and use of the latest Microsoft .NET development tools. PCMS serves all lines of business including personal, commercial and workers compensation. Atlas and PCMS are trademarks of Property & Casualty Management Systems, Inc. For more information, visit www.pcmstech.com or call 800.984.2928.
About Palomar Specialty Insurance Company
Palomar Specialty, based in La Jolla, California, is a specialty insurance company that focuses on catastrophe insurance for residential and commercial insureds. Palomar's products include residential earthquake, commercial earthquake and commercial difference in condition ("DIC"). Palomar has received a Financial Strength Rating of A- (Excellent) and an Issuer Credit Rating of "a-" from A.M. Best Company, with stable outlook to both ratings. For more information, visit www.palomarspecialty.com.